Paying for a vehicle can be done in more than one way. So why do Americans decide to take auto loans, and how do they want to pay them back?

The impact of COVID-19 continues to be seen and felt across the globe, including significant blows to the global economy. Social distancing measures have forced the closure of many businesses and caused unemployment to soar. Even people who have been consistently working throughout the pandemic have struggled, and found themselves living paycheck to paycheck, especially in the United States where 63% of the society faces this issue*.

For some consumers, repaying a financial loan with cash is the most logical and convenient method. So should more lenders be offering this solution?